83_FR_55434 83 FR 55221 - Submission for OMB Review; Comment Request

83 FR 55221 - Submission for OMB Review; Comment Request

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 83, Issue 213 (November 2, 2018)

Page Range55221-55222
FR Document2018-23959

Federal Register, Volume 83 Issue 213 (Friday, November 2, 2018) 
[Federal Register Volume 83, Number 213 (Friday, November 2, 2018)]
[Notices]
[Pages 55221-55222]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-23959]


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SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-519, OMB Control No. 3235-0578]


Submission for OMB Review; Comment Request

Upon Written Request, Copies Available From: Securities and Exchange 
Commission, Office of FOIA Services, 100 F Street NE, Washington, DC 
20549-2736.

Extension:
    Form N-Q

    Notice is hereby given that, pursuant to the Paperwork Reduction 
Act of 1995 (44 U.S.C. 3501 et seq.) (``Paperwork Reduction Act''), the 
Securities and Exchange Commission (the ``Commission'') has submitted 
to the Office of Management and Budget a request for extension of the 
previously approved collection of information discussed below.
    Form N-Q (17 CFR 249.332 and 274.130) is a reporting form used by 
registered management investment companies, other than small business 
investment companies registered on Form N-5 (``funds''), under Section 
30(b) of the Investment Company Act of 1940 (15 U.S.C. 80a-1 et seq.) 
(``Investment Company Act'') and Sections 13(a) or 15(d) of the 
Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.). Pursuant to 
Rule 30b1-5 under the Investment Company Act (17 CFR 270.30b1-5), funds 
are required to file quarterly reports with the Commission on Form N-Q 
not more than 60 days after the close of the first and third quarters 
of each fiscal year containing their complete portfolio holdings. 
Additionally, fund management is required to evaluate the effectiveness 
of the fund's disclosure controls and procedures within the 90-day 
period prior to the filing of a report on Form N-Q, and such report 
must also be signed and certified by the fund's principal executive and 
financial officers.
    We estimate that there are 11,960 funds required to file reports on 
Form N-Q. Based on staff experience and conversations with industry 
representatives, we estimate that it takes approximately 26 hours per 
fund to prepare reports on Form N-Q annually. Accordingly, we estimate 
that the total annual burden associated with Form N-Q is 310,960 hours 
(26 hours per fund x 11,960 funds) per year.
    The estimates of average burden hours are made solely for the 
purposes of the Paperwork Reduction Act and are not derived from a 
comprehensive or even

[[Page 55222]]

representative survey or study of the cost of Commission rules and 
forms. The collection of information under Form N-Q is mandatory. The 
information provided by the form is not kept confidential. An agency 
may not conduct or sponsor, and a person is not required to respond to, 
a collection of information unless it displays a currently valid 
control number.
    The public may view the background documentation for this 
information collection at the following website, www.reginfo.gov. 
Comments should be directed to: (i) Desk Officer for the Securities and 
Exchange Commission, Office of Information and Regulatory Affairs, 
Office of Management and Budget, Room 10102, New Executive Office 
Building, Washington, DC 20503, or by sending an email to: 
[email protected]; and (ii) Charles Riddle, Acting Director/
Chief Information Officer, Securities and Exchange Commission, c/o 
Candace Kenner, 100 F Street NE, Washington, DC 20549 or send an email 
to: [email protected]. Comments must be submitted to OMB within 30 
days of this notice.

    Dated: October 29, 2018.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-23959 Filed 11-1-18; 8:45 am]
 BILLING CODE 8011-01-P

Federal Register / Vol. 83, No. 213 / Friday, November 2, 2018 / Notices 55221 the Clearing House or Clearing Members • Send an email to rule-comments@ SECURITIES AND EXCHANGE under the Rules and Procedures. As a sec.gov. Please include File Number SR– COMMISSION result, ICE Clear Europe does not ICEEU–2018–014 on the subject line. [SEC File No. 270–519, OMB Control No. believe the amendments will impact Paper Comments 3235–0578] competition among Clearing Members or other market participants, affect the • Send paper comments in triplicate Submission for OMB Review; cost of clearing or affect the ability of Comment Request to Secretary, Securities and Exchange market participants to access clearing Commission, 100 F Street NE, Upon Written Request, Copies Available generally. Washington, DC 20549–1090. From: Securities and Exchange (C) Clearing Agency’s Statement on Commission, Office of FOIA Services, Comments on the Proposed Rule All submissions should refer to File Number SR–ICEEU–2018–014. This file 100 F Street NE, Washington, DC Change Received From Members, 20549–2736. Participants or Others number should be included on the subject line if email is used. To help the Extension: Written comments relating to the Form N–Q Commission process and review your proposed amendments have not been solicited or received by ICE Clear comments more efficiently, please use Notice is hereby given that, pursuant Europe. ICE Clear Europe will notify the only one method. The Commission will to the Paperwork Reduction Act of 1995 Commission of any comments received post all comments on the Commission’s (44 U.S.C. 3501 et seq.) (‘‘Paperwork with respect to the proposed rule internet website (http://www.sec.gov/ Reduction Act’’), the Securities and change. rules/sro.shtml). Copies of the Exchange Commission (the submission, all subsequent ‘‘Commission’’) has submitted to the III. Date of Effectiveness of the amendments, all written statements Office of Management and Budget a Proposed Rule Change and Timing for with respect to the proposed rule request for extension of the previously Commission Action change that are filed with the approved collection of information Because the foregoing proposed rule Commission, and all written discussed below. change does not: communications relating to the Form N–Q (17 CFR 249.332 and (i) Significantly affect the protection proposed rule change between the 274.130) is a reporting form used by of investors or the public interest; Commission and any person, other than registered management investment (ii) impose any significant burden on companies, other than small business those that may be withheld from the competition; and investment companies registered on (iii) become operative for 30 days public in accordance with the Form N–5 (‘‘funds’’), under Section from the date on which it was filed, or provisions of 5 U.S.C. 552, will be 30(b) of the Investment Company Act of such shorter time as the Commission available for website viewing and 1940 (15 U.S.C. 80a–1 et seq.) may designate, it has become effective printing in the Commission’s Public (‘‘Investment Company Act’’) and pursuant to Section 19(b)(3)(A)(iii) of Reference Section, 100 F Street NE, Sections 13(a) or 15(d) of the Securities the Act 13 and Rule 19b–4(f)(6) Washington, DC 20549, on official Exchange Act of 1934 (15 U.S.C. 78a et thereunder.14 business days between the hours of seq.). Pursuant to Rule 30b1–5 under the At any time within 60 days of the 10:00 a.m. and 3:00 p.m. Copies of such Investment Company Act (17 CFR filing of the proposed rule change, the filings will also be available for 270.30b1–5), funds are required to file Commission summarily may inspection and copying at the principal quarterly reports with the Commission temporarily suspend such rule change if office of ICE Clear Europe and on ICE on Form N–Q not more than 60 days it appears to the Commission that such Clear Europe’s website at https:// after the close of the first and third action is necessary or appropriate in the www.theice.com/notices/Notices.shtml? quarters of each fiscal year containing public interest, for the protection of regulatoryFilings. All comments their complete portfolio holdings. investors, or otherwise in furtherance of received will be posted without change. Additionally, fund management is the purposes of the Act. Persons submitting comments are required to evaluate the effectiveness of IV. Solicitation of Comments cautioned that we do not redact or edit the fund’s disclosure controls and personal identifying information from procedures within the 90-day period Interested persons are invited to prior to the filing of a report on Form submit written data, views, and comment submissions. You should submit only information that you wish N–Q, and such report must also be arguments concerning the foregoing, signed and certified by the fund’s including whether the proposed rule to make available publicly. All submissions should refer to File principal executive and financial change is consistent with the Act. officers. Comments may be submitted by any of Number SR–ICEEU–2018–014 and We estimate that there are 11,960 the following methods: should be submitted on or before funds required to file reports on Form November 23, 2018. Electronic Comments N–Q. Based on staff experience and For the Commission, by the Division of conversations with industry • Use the Commission’s internet Trading and Markets, pursuant to delegated representatives, we estimate that it takes comment form (http://www.sec.gov/ authority.15 approximately 26 hours per fund to rules/sro.shtml) or Eduardo A. Aleman, prepare reports on Form N–Q annually. 13 15 Assistant Secretary. Accordingly, we estimate that the total U.S.C. 78s19(b)(3)(A)(iii). 14 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– [FR Doc. 2018–23968 Filed 11–1–18; 8:45 am] annual burden associated with Form 4(f)(6) requires a self-regulatory organization to give N–Q is 310,960 hours (26 hours per BILLING CODE 8011–01–P the Commission written notice of its intent to file fund × 11,960 funds) per year. the proposed rule change at least five business days The estimates of average burden hours prior to the date of filing of the proposed rule change, or such shorter time as designated by the are made solely for the purposes of the Commission. ICE Clear Europe has satisfied this Paperwork Reduction Act and are not requirement. 15 17 CFR 200.30–3(a)(12). derived from a comprehensive or even VerDate Sep<11>2014 17:57 Nov 01, 2018 Jkt 247001 PO 00000 Frm 00080 Fmt 4703 Sfmt 4703 E:\FR\FM\02NON1.SGM 02NON1

55222 Federal Register / Vol. 83, No. 213 / Friday, November 2, 2018 / Notices representative survey or study of the the issuer from shareholders at periodic Form N–23c–3 is intended to ensure cost of Commission rules and forms. intervals, pursuant to repurchase offers that the fund provides basic information The collection of information under made to all holders of the stock. The necessary for the Commission to process Form N–Q is mandatory. The rule enables these funds to offer their the notification and to monitor the information provided by the form is not shareholders a limited ability to resell fund’s use of repurchase offers. The kept confidential. An agency may not their shares in a manner that previously requirement that the fund describe its conduct or sponsor, and a person is not was available only to open-end current policy on repurchase offers and required to respond to, a collection of investment company shareholders. To the results of recent offers in the annual information unless it displays a protect shareholders, a closed-end fund shareholder report is intended to currently valid control number. that relies on rule 23c–3 must send provide shareholders current The public may view the background shareholders a notification that contains information about the fund’s repurchase documentation for this information specified information each time the policies and its recent experience. The collection at the following website, fund makes a repurchase offer (on a requirement that the board approve and www.reginfo.gov. Comments should be quarterly, semi-annual, or annual basis, review written procedures designed to directed to: (i) Desk Officer for the or, for certain funds, on a discretionary maintain portfolio liquidity is intended Securities and Exchange Commission, basis not more often than every two to ensure that the fund has enough cash Office of Information and Regulatory years). The fund also must file copies of or liquid securities to meet its Affairs, Office of Management and the shareholder notification with the repurchase obligations, and that written Budget, Room 10102, New Executive Commission (electronically through the procedures are available for review by Office Building, Washington, DC 20503, Commission’s Electronic Data shareholders and examination by the or by sending an email to: Gathering, Analysis, and Retrieval Commission. The requirement that the Lindsay.M.Abate@omb.eop.gov; and (ii) System (‘‘EDGAR’’)) on Form N–23c–3, fund file advertisements and sales Charles Riddle, Acting Director/Chief a filing that provides certain literature as if it were an open-end fund Information Officer, Securities and information about the fund and the type is intended to facilitate the review of Exchange Commission, c/o Candace of offer the fund is making.1 The fund these materials by the Commission or Kenner, 100 F Street NE, Washington, must describe in its annual report to FINRA to prevent incomplete, DC 20549 or send an email to: PRA_ shareholders the fund’s policy inaccurate, or misleading disclosure Mailbox@sec.gov. Comments must be concerning repurchase offers and the about the special characteristics of a submitted to OMB within 30 days of results of any repurchase offers made closed-end fund that makes periodic this notice. during the reporting period. The fund’s repurchase offers. board of directors must adopt written The Commission staff estimates that Dated: October 29, 2018. procedures designed to ensure that the 33 funds make use of rule 23c–3 Eduardo A. Aleman, fund’s investment portfolio is Assistant Secretary. annually, including eight funds that are sufficiently liquid to meet its repurchase relying upon rule 23c–3 for the first [FR Doc. 2018–23959 Filed 11–1–18; 8:45 am] obligations and other obligations under time. The Commission staff estimates BILLING CODE 8011–01–P the rule. The board periodically must that on average a fund spends 89 hours review the composition of the fund’s annually in complying with the portfolio and change the liquidity SECURITIES AND EXCHANGE requirements of the rule and Form N– procedures as necessary. The fund also COMMISSION 23c–3, with funds relying upon rule must file copies of advertisements and 23c–3 for the first time incurring an other sales literature with the Submission for OMB Review; additional one-time burden of 28 hours. Commission as if it were an open-end Comment Request The Commission therefore estimates the investment company subject to Section total annual hour burden of the rule’s Upon Written Request, Copy Available 24 of the Investment Company Act (15 and form’s paperwork requirements to From: Securities and Exchange U.S.C. 80a–24) and the rules that be 3,161 hours. In addition to the Commission, Office of FOIA Services, implement Section 24. Rule 24b–3 under the Investment Company Act (17 burden hours, the Commission staff 100 F Street NE, Washington, DC estimates that the average yearly cost to 20549–2736 CFR 270.24b–3), however, exempts the fund from that requirement if the each fund that relies on rule 23c–3 to Extension: materials are filed instead with the print and mail repurchase offers to Rule 23c–3 and Form N–23c–3; SEC File Financial Industry Regulatory Authority shareholders is about $31,184.88. The No. 270–373, OMB Control No. 3235– Commission estimates total annual cost 0422 (‘‘FINRA’’). The requirement that the fund send a is therefore about $1,029,101. Notice is hereby given that, pursuant notification to shareholders of each offer Estimates of average burden hours to the Paperwork Reduction Act of 1995 is intended to ensure that a fund and costs are made solely for purposes (44 U.S.C. 3501 et seq.), the Securities provides material information to of the Paperwork Reduction Act and are and Exchange Commission (the shareholders about the terms of each not derived from a comprehensive or ‘‘Commission’’) has submitted to the offer. The requirement that copies be even representative survey or study of Office of Management and Budget sent to the Commission is intended to the costs of Commission rules and (‘‘OMB’’) a request for extension of the enable the Commission to monitor the forms. Compliance with the collection previously approved collection of fund’s compliance with the notification of information requirements of the rule information discussed below. requirement. The requirement that the and form is mandatory only for those Rule 23c–3 (17 CFR 270.23c–3) under shareholder notification be attached to funds that rely on the rule in order to the Investment Company Act of 1940 repurchase shares of the fund. The (15 U.S.C. 80a–1 et seq.) permits a 1 Form N–23c–3, entitled ‘‘Notification of information provided to the registered closed-end investment Repurchase Offer Pursuant to Rule 23c–3,’’ requires Commission on Form N–23c–3 will not the fund to state its registration number, its full company (‘‘closed-end fund’’ or ‘‘fund’’) name and address, the date of the accompanying be kept confidential. An agency may not that meets certain requirements to shareholder notification, and the type of offer being conduct or sponsor, and a person is not repurchase common stock of which it is made (periodic, discretionary, or both). required to respond to a collection of VerDate Sep<11>2014 17:57 Nov 01, 2018 Jkt 247001 PO 00000 Frm 00081 Fmt 4703 Sfmt 4703 E:\FR\FM\02NON1.SGM 02NON1


Document Created: 2018-11-02 01:10:19
Document Modified: 2018-11-02 01:10:19
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
FR Citation83 FR 55221 
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